Bridging firm launches innovative online processing system

Bridging firm launches innovative online processing system



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City functions seem to be few and far between these days. In the words of one industry figure: “Why shell out for lunch and champagne when no one wants to spend any money with you?”

However, bridging finance firm Tiuta bucked the trend on Friday and invited us down to their London offices for the launch of their latest product, Tiuta Direct. The team there were rightly excited about it as they revealed that they had been developing it for over a year.
 
Designed to make the application process easier for intermediaries, Tiuta Direct goes further than your standard online application form. Now brokers can complete a DIP form at any time of day, and if the deal meets the lending criteria, they obtain an instant approval in principle and can then fill out a full application form online, attaching any necessary legal documents.
 
Moreover, all legal and survey fees can be paid online. Along with the online calculator – which works out the LTV, interest rate, cost to client and commission – Tiuta believes that this is the first system where brokers can complete a deal wholly online, with no need to chase cases and wait for an approval. The offer can be finished in less than three hours, and the money can be with the client within 24 hours.
 
Tiuta Direct is eligible for FSA regulated introducers working on behalf of individuals – not limited companies – on residential deals with a maximum LTV of 65%. And if the deal doesn't meet the criteria? Instead of an instant rejection popping up, Tiuta promises to call the broker within one hour to discuss the case.
  
In the words of Anita Kirkbright, head of underwriting, as the champagne was rolled out: “It's a win-win situation for us, brokers and their clients.”

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